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Markdowns Weigh on J. Crew

J.Crew Group Inc. swung to a fiscal fourth-quarter net loss on weak sales and declining margins, after the clothing retailer cut prices to reduce fall and holiday inventory.

Chairman and Chief Executive Millard Drexler said the company was disappointed with the results, saying its mission was to adjust to "this new, not fun, retail reality." Like other retailers, J. Crew has been hurt by the economic slowdown as consumers...